锡：技术性修复

Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The report focuses on the technical repair of tin, with a trend strength of 1, indicating a weak bullish view [1][3]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai Tin main contract was 384,180, with a daily increase of 6.61%, and the night - session closing price was 385,140, with a night - session increase of 4.18%. The closing price of the LME Tin 3M electronic disk was 49,815, with a daily increase of 5.64%. The trading volume of the Shanghai Tin main contract was 279,733, a decrease of 26,759 from the previous day, and the position was 33,625, an increase of 1,447. The trading volume of the LME Tin 3M electronic disk was 502, a decrease of 52, and the position was 25,348, a decrease of 63 [2]. - Inventory Data: The inventory of Shanghai Tin was 6,337, a decrease of 379 from the previous day, and the inventory of LME Tin was 7,030, a decrease of 55. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - Spot and Price Difference Data: The SMM 1 tin ingot price was 373,500, an increase of 17,200 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 372,600, an increase of 16,000. The LME tin (spot/three - month) premium was - 157, a decrease of 2. The spread between the near - month contract and the consecutive first contract was 188,560, unchanged. The spread between the spot and the futures main contract was 15,600, an increase of 24,140 [2]. - Industrial Chain Key Price Data: The price of 40% tin concentrate (Yunnan) was 359,500, an increase of 17,200 from the previous day; the price of 60% tin concentrate (Guangxi) was 363,500, an increase of 17,200. The price of 63A solder bar was 247,750, an increase of 10,500, and the price of 60A solder bar was 237,250, an increase of 10,500 [2]. 3.2 Macro and Industry News - The decline of US Treasury bonds widened. - Memory prices soared by up to 90% compared with the fourth quarter of 2025. - Tesla's Tao Lin said that there is no specific date for FSD to be launched in China, and a local training center has been established. - Wang Yi will attend the first senior officials' meeting of APEC in 2026 [2][4].